Fixed or variable rate mortgages?

So, you’ve decided to buy a home, now what? Buying a house is usually the most expensive purchase in a person’s life, so it should be preceded with caution. Once you decide on the house and location, you must decide on a down payment amount and a mortgage rate that you can afford. A general rule of thumb is to put down 20 per cent of the house price so that you can reduce the amount of money you pay in interest; however, first time home buyers can put down as little as 5 per cent for a down payment if they so desire. When…